Actuarial Associate, Model Risk Management-MOD0000H
Primary Location: Newark, NJ
Other Locations: N/A
The mission of Enterprise Risk Management (ERM) is to ensure that Prudential has a comprehensive framework for understanding the risks embedded in and across its businesses, so that the company can manage these risks effectively, evaluate current and future risk challenges and opportunities, and enhance shareholder value.
The Company recognizes that the comprehensive risk management framework requires strong model risk oversight and model risk management, and is forming a new Model Risk Management Organization that will include three teams: (1) Actuarial Model Risk Management, (2) Investment, Finance and Risk Model Risk Management, and (3) Model Risk Control Office. The primary objectives of this Model Risk Management Group will be to provide effective challenge, manage and mitigate model risks, and maintain model inventory, risk assessment and model control standards.
This position will be part of the new Actuarial Model Risk Management team responsible for ensuring that Prudential is capable of accurately identifying, measuring, reporting, monitoring and managing the Companys model risks. This will include independent model validation and testing of actuarial models. This position may also encompass monitoring model control standards, performing risk assessments, risk mitigation and remediation in partnership with the Investment, Finance and Risk Model Risk Management team and the Model Risk Control Office.
To effectively manage these responsibilities, the successful candidate will work both independently and collaborate as part of a team with significant dependence on relationships with internal
audit, corporate actuarial, business unit actuaries, the treasurers group, portfolio managers, finance, investment operations and analytical software vendors.
The incumbents level of experience and subject matter expertise will determine his or her level of leadership and involvement relative to the following responsibilities:
- Model Control Standards: Supporting plans and activities related to modeling systems and model risk activities across the Company to ensure consistency and transparency of modeling direction, vision, strategy, and appropriate governance controls. Model Validation & Testing: Supporting independent periodic model validation and testing of investment, finance and risk models. This will include review, effective challenge, and written documentation, including assessment of conceptual soundness, model performance/outcomes analysis, and appropriateness of model assumptions, data sources, mathematical formulas and business applications as well as communication of key model weaknesses and data limitations (e.g. inherent model imprecision). Model Building: Supporting the building of models and analytical tools to support the activities of the Model Risk Management group. This will involve the development of the models and tools as well as the analyzing of output. Reporting: Supporting preparation of regular model risk status reports and reporting key observations and compliance/non-compliance with the model governance policy to Model Risk Oversight Committee. This will include ensuring that emerging risks are identified and appropriately addressed.
Degree in Actuarial Science, Mathematics, Financial Engineering, Economics, Business, Science based, or related analytical field
Successfully passed one or more actuarial exams is a plus
Experience working in an actuarial field is a plus